Truxton Corporation Announces Increased Quarterly Cash Dividend, Special Cash Dividend, and $5 Million Repurchase Authorization

Rhea-AI Summary

Truxton Corporation (TRUX) has announced a 13% increase in its quarterly cash dividend to $0.43 per common share, along with a special cash dividend of $1.00 per common share. The Board of Directors has also authorized a stock repurchase program of up to $5 million of its common shares, indicating a strong commitment to returning value to shareholders.

NASHVILLE, Tenn., Jan. 25, 2024 (GLOBE NEWSWIRE) -- Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company, announced that its Board of Directors has approved a quarterly cash dividend of $0.43 per common share payable March 25, 2024, to shareholders of record as of March 11, 2024, representing a 13% increase over the 2023 regular quarterly dividend of $0.38. This represents the twelfth consecutive year of increased regular dividends at Truxton Corporation.   In addition, a special cash dividend of $1.00 per common share will be paid on March 25, 2024, to shareholders of record as of March 11, 2024.

The Board of Directors has also authorized a stock repurchase program under which the Corporation may acquire up to $5 million of its common shares during a period beginning after the release of fourth quarter earnings and extending for one year. The shares may be purchased in open market or private transactions at the discretion of management, subject to the limitations of applicable securities laws.

The share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the Corporation’s discretion and does not commit the Corporation to repurchase shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Corporation at its discretion and will depend on a number of factors, including the performance of the Corporation’s stock price, the Corporation’s ongoing capital planning considerations, general market and other conditions, applicable legal requirements and compliance with the terms of the Corporation’s outstanding indebtedness.

About Truxton Trust
Truxton Trust Company is a provider of private banking, wealth management, trust, and family office services for wealthy individuals, their families and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton Trust upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.                    

Investor Relations	Media Relations
Austin Branstetter	Swan Burrus
615-250-0783	615-250-0773
austin.branstetter@truxtontrust.com	swan.burrus@truxtontrust.com

 

FAQ

What is the ticker symbol for Truxton Corporation?

The ticker symbol for Truxton Corporation is TRUX.

What is the amount of the quarterly cash dividend approved by Truxton Corporation?

Truxton Corporation has approved a quarterly cash dividend of $0.43 per common share.

When will the quarterly cash dividend be payable to shareholders?

The quarterly cash dividend will be payable on March 25, 2024, to shareholders of record as of March 11, 2024.

What is the percentage increase in the 2024 quarterly dividend compared to the 2023 regular quarterly dividend?

The 2024 quarterly dividend represents a 13% increase over the 2023 regular quarterly dividend.

How many consecutive years has Truxton Corporation increased its regular dividends?

Truxton Corporation has increased its regular dividends for twelve consecutive years.

What is the amount of the special cash dividend per common share?

A special cash dividend of $1.00 per common share will be paid on March 25, 2024.

What is the value of the stock repurchase program authorized by the Board of Directors?

The Board of Directors has authorized a stock repurchase program of up to $5 million of its common shares.

What factors will determine the timing, number, and value of the shares to be purchased under the stock repurchase program?

The timing, number, and value of the shares to be purchased will depend on factors including the performance of the Corporation’s stock price, capital planning considerations, general market conditions, and compliance with legal requirements.